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US Permian deal frenzy adds to lower oil output growth in 2024
Oil production in the prodigious Permian shale basin in Texas and New Mexico this year will see the slowest annual growth since 2021, according to market participants, as a slew of acquisitions reduces activity among private drillers. Reduced growth in the Permian, the largest U.S. oilfield, will be a drag on overall gains in U.S. production. The slowdown comes even as output cuts from the Organization of the Petroleum Exporting Countries and allies (OPEC+) have supported prices, giving an incentive for non-OPEC+ producers to pump more. U.S. oil output reached a record 12.93 million barrels per day (bpd) in 2023. The ... (full story)